Product & Technology

New Data from DealerSocket Reveals Positive Trends in the Industry

DALLAS —DealerSocket, Inc., an SaaS provider to the automotive industry, today released new insights based on aggregated Inventory+ data that shows positive signs for the automotive market. Contained in the company's new "DealerSocket COVID-19 Impact Report," the aggregated data set of insights will be updated on a bimonthly basis. The first edition reveals a 34.3% increase in consumer trade appraisals between the weeks of April 6 and April 20 this year.

Dealers are optimistic by nature, and the data outlines trends pointing to potential recovery signs for the industry from the COVID-19 pandemic.

The report’s first edition also provides a deeper dive into inventory management trends during the COVID-19 period between the weeks of March 2 and April 20. Aside from insights from DealerSocket’s Inventory+ team, the report includes online shopping trends from DealerFire (DealerSocket’s digital and websites business), and regional lists outlining the top 10 pre-owned vehicles based on sales count, average turn, front-end gross, and average sales price.

“Dealers are optimistic by nature, and the data outlines trends pointing to potential recovery signs for the industry from the COVID-19 pandemic, with activity spiking since the U.S. Department of Homeland Security deemed auto sales essential on April 17,” said Brad Kokesh, general manager of DealerSocket’s Inventory+ business unit. “The report also outlines a pick-up in activity among consumers. What's interesting is consumers continued to initiate appraisals through online lead forms throughout the month of March, and consumer trade appraisals have jumped more than 30% since the first full week of April.“

Here are key findings from the DealerSocket COVID-19 Impact Report:

The number of total appraisals fell 34.4% from the first week of March to the first week of April.

RouteOne’s eSign Anything allows dealers to electronically send all eSignable deal documents through RouteOne’s secure signing portal to a customer and capture signatures in one signing ceremony; either remotely or in-store.